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An Industry is . . .

An Industry is. A group of businesses that share similar business activities. Example: Sporting goods, clothing, travel, fashion. MARKETING CONCEPT. Find out what customers want and need Offer products that are better than others Make a profit. Market Segments.

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An Industry is . . .

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  1. An Industry is . . . A group of businesses that share similar business activities. Example: Sporting goods, clothing, travel, fashion

  2. MARKETING CONCEPT • Find out what customers want and need • Offer products that are better than others • Make a profit

  3. Market Segments • Smaller groups of the buying market • For example: Sporting goods store located near our high school • What might this market segment be? • male & female students • into fitness/sports of all types • live nearby • buy mainly for their sport’s teams • aware of sporty athletic trends • interested in ways to improve athletic performance

  4. DEMOGRAPHICS • Age • Marital Status • Family Size • Ethnicity • Gender • Profession • Education • Income

  5. PSYCHOGRAPHICS • What they like • Opinions • Personality • Lifestyle Habits

  6. TARGET MARKET Finding those interested in your product/service and willing and able to pay for it. One of the easiest first markets to break into is one in which customers have a problem that you can solve. Ex: You sell real estate. 1. Specifically what are you selling; say, new moderately priced condominiums. Who is your target market? 2. Your target market could be: middle-class individuals just starting off OR elderly individuals looking to downsize

  7. 1. Who are my customers: individuals or companies? 2. If customers are individuals: How old are they? How much money do they earn? Where do they live? How do they spend their time and money? 3. If customers are companies: What industries are they in? Where are those industries located? IDENTIFY YOUR TARGET MARKET

  8. 4. What needs or wants will my product or service satisfy? 5. How many potential customers live in the area in which I want to operate? 6. Where do these potential customers currently buy the products or services I want to sell them? 7. What price are they willing to pay for my products or services? 8. What can I do for my customers that other companies are not already doing for them? continuedIDENTIFY YOUR TARGET MARKET

  9. Start the Research Process Find out what you need/want to know

  10. Get Secondary Data Items found in published sources like: • US Census Bureau • SBA • Chamber of Commerce • Newspapers To find demographic information such as population makeup, income, etc as well as industry trends, market growth expectations, etc. • Specific Industry Books • Internet • Specialized Magazines

  11. Collect Primary Data • Questionnaires/Surveys • Observation—Say you want to open a bicycle/roller blade/skateboard shop, you may want to go to the local parks and count how many people are doing those activities to give you an idea of possible customers • Focus Groups—Small groups that would answer the same types of questions as on a survey, however, you would be able to get more information since you’re interviewing them personally.

  12. Organize the DatathenAnalyze the Data

  13. Must Know Your CustomerDevelop a Customer Profile Identifying the types of individuals or companies that would be interested in your product/service. Ex: Customer Profile for Rave • Females • Ages 13-21 • Lives near Merrillville • Wants trendy clothing • Interested in reasonable prices • Average household income of $40,000/year

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